China’s busiest bitcoin exchange, Huobi, has announced it will start trading litecoin on 19th March, however, the company’s users can begin uploading litecoins to their accounts starting today.
Huobi is said to be finalizing tests for implementation before regular trading commences.
The litecoin price on BTC-e took a sudden leap earlier today – very likely as a result of the Huobi announcement.
Huobi co-founder Jun Du said the company only considered implementing litecoin after careful deliberation and would provide the same business support and services it already does for bitcoin.
A company user survey in January showed that about 20% of bitcoin investors also had money in litecoin. Furthermore, the frequency of searches for ‘litecoin’ as a keyword on Chinese search engine Baidu showed that the currency had achieved acceptance by a large number of investors in China.
When litecoin is traded on Huobi, Du said, it will have a chance to shed its ‘shanzhai’ (loosely translated as ‘cheap copy’) image in the minds of Chinese investors.
Huobi’s move follows BTC China’s similar decision, announced a week ago, which implemented litecoin trading “effective immediately” with 0% fees, and trumpeted the fraternal relationship between the company’s CEO Bobby Lee and litecoin inventor Charles Lee.
Du also mentioned something litecoin and other altcoin proponents often claim: that competition in the cryptocurrency field is both welcome and healthy.
“Bitcoin’s open source nature,” he said, “means that it is a technology that wishes to be improved upon, and welcomes progress, [and its aim is] to change the entire global financial system to build an open, decentralized and safe currency system.”